Dubbed Tracey, the blockchain-based app developed by the WWF Philippines and UnionBank will use Stream’s blockchain network to provide financial support to low-income, small-scale fishers. The anglers will be rewarded for uploading information about their catch through the app.

Blockchain Network Onboards with Credit Score

The uploaded data, such as the species of fish and location, will be shared and paid for by several entities, including the WWF and government agencies.

“Small fishers in many coastal countries remain poor despite the high-value fish they catch, like yellowfin tuna,” said Susan Roxas, Fisheries and Finance Lead for WWF’s Coral Triangle Program. 

According to her, the app will benefit fishers by providing a credit score for them so that they can access microfinancing. Their credit rating will depend on their catch and trade data.

Supporting Union Bank’s stablecoin Peso and a digital wallet, the app provides Know Your Customer (KYC) support enabled by the bank. Finnish consulting firm TX is also taking part in developing the app.

Expanding to Other Southeast Asian Nations

The app prevents the input of fake data by using the existing checks and balances in the fisheries ecosystem, according to reports.

Tracy will be piloted in mid-2020, and if successful, it will expand to other Southeast Asian countries in partnership with local banks.

Similarly, in Australia, Marto Farms in Bundaberg, Queensland state has collaborated with a local tech company to develop a blockchain system to monitor the source of locally grown watermelon.

Source: coinfomania.com

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